LONDON, ONTARIO-(June 26, 2008) - Ontex Resources Limited (TSX:ONT) is pleased to provide an update for the 2008 drill program on its 100% owned Brookbank Gold Deposit in the Beardmore-Geraldton area of Northern Ontario.
8,000 METRE DIAMOND DRILL PROGRAM ONGOING
Initial drilling completed thus far consists of 8 holes totaling 3,700 metres which all have intersected the main Brookbank Zone to between 200 and 550 metres vertically. The program was designed to both expand the known resource and upgrade reserve blocks from the "inferred" to "indicated" category. Samples from all eight holes have now been sent to the lab and assay results will be reported when all are available (expected within three weeks).
For the next phase of drilling the Company will focus its efforts on the Cherbourg property to the immediate west of the Brookbank Zone. The first hole, C-08-01 is aimed 50 m below DDH KN-4W-4 which intersected gold values of 16 gm/tn over 3 metres. A subsequent program will test the high grade Cherbourg South zone where surface sampling yielded an average of 15 gm Au/ton. Drilling will resume the first week in July following the Annual Meeting on June 30.
For purposes of NI 43-101, Armen Chilian P.Geo. is the Qualified Person who planned and will execute the exploration programs for Ontex. John P. Thompson P.Eng. is responsible for the current estimate of the resources as reported in the "Technical Report Brookbank Gold Deposit, Beardmore - Geraldton Area, Northern Ontario" dated April 28, 2006.
About Ontex Resources Limited (www.ontexresources.com)
Ontex Resource Ltd. is a junior resource company listed on the Toronto Stock Exchange under the symbol "ONT" engaged in gold exploration principally on its Brookbank Gold property in northern Ontario. Ontex has issued 90,016,994 million common shares.For further information, investors are asked to visit the Ontex IR Hub at www.agoracom.com/IR/Ontex or email to ONT@agoracom.com
Forward-Looking Statements
Certain information included in this press release, including any information as to our future financial or operating performance and other statements that express management's expectations or estimates of future performance, constitute "forward- looking statements". The words "expect", "will", "intend", "estimate" and similar expressions identify forward-looking statements. Forward- looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by management, are inherently subject to a significant business, economic and competitive uncertainties and contingencies. Ontex cautions the reader that such forward- looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual financial results, performance or achievements of Ontex to be materially different from its estimated future results, performance or achievements expressed or implied by those forward- looking statements and the forward-looking statements are not guarantees of future performance. These risks, uncertainties and other factors include, but are not limited to: changes in the worldwide price of gold and currencies; charges in U.S. dollar interest rates or gold lease rates; risks arising from holding derivative instruments; ability to successfully integrate acquired assets; legislative, political or economic developments in the jurisdictions in which the Company carries on business; operating or technical difficulties in connection with mining or development activities; employee relations; the speculative nature of gold exploration and development, including the risks of diminishing quantities of grades of reserves; adverse changes in our credit ration; contests over title to properties, particularly title to undeveloped properties; and the risks involved in the exploration, development and mining business. These factors are discussed in greater detail in the Company's most recent Annual Information Form on file with the Ontario Securities Commission and other provincial securities regulatory authorities (please see www.sedar.com).
Ontex disclaims any intention or obligation to update or revise any forward- looking statements whether as a result of new information, future events or otherwise, except as required by applicable law.
The TSX Exchange does not accept responsibility for the adequacy or accuracy of the information contained in this news release.
CONTACT INFORMATION:
Ontex Resources Limited
Gary Conn
President & CEO
(519) 455-8127
Email: info@ontexresources.com
Website: www.ontexresources.comor
AGORACOM
Investor Relations
Email: ont@agoracom.com
Website: www.agoracom.com/ir/ontex
